Refer to the information provided in Table 20.1 below to answer the question(s) that follow. Table 20.1
Refer to Table 20.1. In Mexico, the opportunity cost of 1 bushel of bananas is
A. 1/2 bushel of oranges.
B. 1 bushel of oranges.
C. 2 bushels of oranges.
D. 5 bushels of oranges.
Answer: B
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If the firm in Figure 17-4 above maintains its set price of P0, its profit is
A) G + H. B) G + J. C) F + G + J. D) G + H + J + K. E) J + K.
Which of the following factors will help determine how the costs of social regulation are split between consumers and producers?
a. The price elasticities of demand and supply b. The quantity produced by the firm c. The average total costs of the firm before regulation d. The number of consumers in the market e. The number of producers in the market
If parties to a contract can anticipate the court's decision in the event of a dispute with some degree of certainty:
a. opportunistic behavior will never be detected. b. opportunistic behavior will be partially detected. c. there will be less room for opportunism. d. only one of the parties will be able to act opportunistically.
A characteristic of a competitive labor market is
A. an equilibrium wage and quantity supplied. B. an overall reduction in employment due to firms having market power. C. high levels of unemployment. D. labor supply changing as the wage changes.